Oil prices shook off bearish news for a minute when private forecasters released their estimates of oil storage in the NYMEX delivery point in Cushing, Oklahoma. Genscape predicted that supply into Cushing Oklahoma would only increase by 1.4 million barrels this week suggesting that Cushing,... (full story)

Hedge funds put on a record short position as China’s cut in interest rates over the weekend. The move by China is both bearish in the short term for oil but net bullish over all. The reason why it is bearish in the short term it is adding downward pressure as the dollar rallied after... (full story)